tv Varney Company FOX Business July 21, 2023 10:00am-11:00am EDT
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stuart: do you believe this? the name of the song, shape your groove by peaches and herb. are you asking me? good friday morning, 10:00 eastern. we better show you the money. the dow is up, only 9 points. four dow stocks shaping a hundred off of the dow. goldman and caterpillar, dow stocks, that is why it's taking a lot of ground from under the industrials. the 10 year treasury yield coming in at 382, the price of oil $76 a barrel, bitcoin around 29,800. that is the market.
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the reparations movement in full swing. there's an election coming. money tones for the sins of history, might buy a few votes as well. cory bush wants 14 trillion for, quote, racist policies that created the wealth gap. a reparations commission wants payments for past housing disconnection, mass incarceration, fortune magazine calculates the payout $1.2 million. senator elizabeth warren wants $50 million for gay couples who paid taxes before gay marriage was legalized. and want to level out the racial wealth gap. in illinois outside chicago is where it started, 25 million going to qualify black residents. supporters safer the whole country, we are at the point we negotiate the price, what about
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the principal whether any payments should be made at all. the president said he wants to study the reparations question. a classic political move. appoint a commission and ignore its report. biden cannot ignore the vote. without a democrats challenge is slim to none. here is the biden dilemma. how many votes would reparations purchase, how many would reparations turn off? how do you come off as the unifier of the country when you support racial division. second hour of varney just getting started. look who's here on friday morning, welcome back, professor. do you think more people will be turned off by what i call vote buying or will it work?
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brian: i hope so because this mentality is going to destroy this country. we will become a country of people taking from others, all based on grievance, no creativity, no talk of opportunity, just what you have i want and i'm going to invent a reason to take it from you. terrible, horrible, destroys the fabric of the country. stuart: i feel as strongly as you. brian: it's insulting to these groups the politicians are claiming they are going to take money on behalf of. i don't think blacks want this. i think they want opportunity, they want to prove they can thrive in this society, why would they want to be somebody who takes handouts from somebody else, that's demeaning. stuart: president biden touted his clean energy agenda in philadelphia yesterday. watch this, roll it. >> president biden: we have solutions.
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my friends and organize labor know that other than climate i think jobs, you need jobs, not a joke. not a joke. this law creates millions of good paying clean energy manufacturing jobs including offshore wind. stuart: a lot of people buying the clean energy push? brian: with the unions he's talking to are saying you will destroy our jobs in the auto industry. it is made up junk. he has to say no joke because everyone knows an economic joke doesn't work in the real world, trying to cram it down our throats through regulation. this is the most antidemocratic movements we've had economically in this country that i have ever seen. they know america and our elected representatives will not vote for it. stuart: he was speaking to a union crowd, 650,000 workers across the country threatened to go on strike this summer or have already gone on strike. sounds like the summer of union
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discontent. brian: unions think he is their advocate in the white house, they are going to test their limits as far as they can. let's see what he will give us. notice all this, this whole thing is about grievance. everything is about grievance. i've got a claim on you and i want to take what is yours, it is all power politics lose nothing right now in bidenomics about creativity and opportunity and growth, go out and make the future you want. it is all about what can i take from somebody else, that cannot work, that's not what built america. stuart: that was probably better than my "my take". i agree entirely. what you said was exactly right. back to the markets please. ic a lot of green on the screen, a little bit. we have david, got to talk
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blackstone. they reported yesterday jpmorgan gave them a downgrade. what do you say to that? >> they raised the price target and moved it to a neutral rating as a result of a 45% move% move up but everything they said was positive and they raised the price target higher and we don't care much for the analysts, you can look at their report card if you want. we are focused on our own research and as you know, it has grown the dividend as much as any stock i have ever seen over the next five years you will see a lot more dividend growth. stuart: how about ibm? you talked about it in the past, you've liked it in the past as a dividend play, growth play. what's the story now? >> we got the results, they are moving more business to recurring fee business so it's more consistent and dependable. they are monetizing ai.
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that something to watch for. you have a lot of companies talking about artificial intelligence. how many have found a way to make money on it? we think ibm will be a leader there, you get a 4. 8% dividend yields. stuart: 4.8%. i like that. johnson & johnson. >> they were one of the big gainers this earnings season up 7% yesterday. i owned it for most of my career, blowing the dividend for 60 years. medical equip and business, the top line revenue grew over 12% year over year, this is a well-run company. stuart: tell me the yield at j and j. >> it's closer to 3% because stock price has grown so much and you're buying the growth of that income over time. what we paid for the stock is 20%.
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stuart: blackstone, back to them, one hundred 6 a share, they are still yielding 3.73, 3.8%, that is pretty good. >> it is more than that. it's one of the few companies in the us market that dividend goes up and down but on a full year basis the dividend is still over 4% and one of those companies growing 8% per year. stuart: thank you for recommending blackstone to me. i bought it and made money and i thank you deeply. see you again soon. actually is looking at the movers and we start with warner bros. . what do you have? ashley: and mattel, up today is the barbie movie hits theaters, it has been talked about a lot. one analyst thinks the movie will generate between 90, and
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$100 million just during opening weekend but there you have both stocks down. next upcoming digital world acquisition surging after reaching a number with the sec over fraud allegations, the sec says donald trump's truth social violated anti-fraud provisions and lied to investors about the website's digital world, agreed to pay a substantial $18 million penalty on the completion of the merger transaction. last one, sirius xm. analyst at deutsche bank made the surprising move of downgrading them to sell from by as well as a price target down to 625, it's a $6 stock, down 12. 5% or $0.97. stuart: what is this about tiktok offering the i now pay later service? what is that? ashley: its offering this on
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its e-commerce marketplace in malaysia. that the result of a partnership that allows customers to spread those the furred payments over three or six months. tiktok says the partnership is expected to drive growth in southeast asia? it comes as the apps looking outside the united states for opportunities, in this country montana became the first state to ban tiktok, the apps has also been banned in india. stuart: now listen to what john kirby had to say when asked about the president's mumbling and stumbling. >> wise it so hard to understand what the president is trying to say? >> i think he was very clear. >> you didn't think there is a problem communicating? the difficulty understand what he was trying to say? >> he was clear in that clip and has been clear publicly and privately.
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stuart: not many can understand what he's saying even though he's reading from notes. the us ambassador to china among the top diplomatic targeted in a hack attack by beijing, details on china's latest spy anger campaign. washington says a cluster bomb sent to kyiv are having a significant impact on the front line. this as russia targets ukrainian port cities for the fourth night in a row. alex hogan has the story next. i was told my small business wouldn't qualify for an erc tax refund. you should get a second opinion from innovation refunds at no upfront cost. sometimes you need a second opinion. [coughs] good to go. yeah, i think i'll get a second opinion. all these walls gotta go! ah ah ah! i'd love a second opinion. no. i'm going to get a second opinion. with innovation refunds, there's no upfront cost to find out. so why not check like i did for my small business? take the first step to see if your small business qualifies for the erc.
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a row. alex, the latest on this. >> reporter: the devastating video, they say they are seeing progress, that arrived in ukraine making quite a big impact, the weapons very controversial arrived in ukraine. russia unleashed another wave of attacks on port cities overnight. odesa for 1/4 night in a row after monday's attack on the bridge to crimea. the growing presence of russia's wagner group in belarus welcoming soldiers. tearful residents in poland say they are terrified after hearing almost every single day, uncertain what will happen next. >> everyone says something will
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happen, i am afraid. everyone is afraid in their own way. >> in order to impact russian assets, the us left sanctions on one hundred 20 russian individuals, firms, banks or companies that have russian ties. european union announced it would create a new ukrainian defense fund under the european peace facility, the eu will give ukraine as much as $5 billion every year so despite ukraine not being part of the block there is new conversations giving more. these $5 billion will not just take place once but every year for the next four years. stuart: thank you very much, the man who shot bin laden, rob o'neill, russia is extending the war. what should our response be to that?
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>> this is interesting because they know we will not allow ukraine into nato until the wars over. russia wants to do it as long as they can because that is one of their goals. what we need to do, we are dealing with the wrong thing as far as deterrence, we need to be a strong nation, we've taken our eye off the ball and talked about a week military and it seems turkey is in charge of this because of how ships get in and out, russia sees this, vladimir putin will do what he can. the overall winner of this, the cluster box here, china is still watching and getting stronger. stuart: the russian military seems to be badly led and divided, not doing well. is this an opportunity for ukraine to win and i mean push russian troops out of territory they occupied the last 14 or 15 months, giving weapons to let them do that, is that what we should be doing?
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>> difficult thing to say. i'm not sure what is going on. all i know is they have russian fighters and trenches who want to fight but we talk about cluster bombs, now we are talking about giving them f-16s. a lot of people are getting rich off of this. as much as i would like to see russia get out of ukraine it won't happen this summer. there's a lot going on behind the scenes. i'm afraid the way they are entrenched, landmines and antitank mines, even if the war ended today it would take a long time so they are not necessarily out. stuart: is a time for peace talks? >> it is always time for peace talks but you can't have peace talks because you have a president who can barely put a sentence together over dinner. peace through strength like ronald reagan said.
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if we are not the strongest country in the world and we've proven we don't -- as far as a fight goes, peace talks would be great but a guy like vladimir putin doesn't look very likely to me. stuart: as a military guy with your record, what is your opinion of the morality american military? >> it is not as high as it should be and that is simply because taking our collective eye off the ball of readiness. we are worried about the woke agenda and things that don't matter, state department kind of stuff. we need a military but a strong navy, strong aircraft carriers, the best pilots, the most qualified as opposed to making sure we have a right people. we are very apart from meeting with putin goals and it only goes so far.
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the short answer is moralities not that great. rob o'neill, the man who shot bin laden. great to see you. hackers, the e-mails and thousands of government officials those include the us ambassador to china. do we know who's behind the attack. >> one guess, come on. the hack linked to beijing. expose hundreds of thousands of individual government e-mails. not only the us ambassador to china compromised but so was the assistant secretary of state for east asia in what is described as a cyber espionage attack even though the emails were all unclassified, the hackers would have gotten a lot of insight into us planning for
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recent string of business for biden officials and internal conversations about policies toward beijing. investigators say if the hack was pulled off by using the floor on microsoft's cloud computing platform which has since been fixed. seems to be a hack every day. stuart: that's going on for years. every single day there is a hack of some sort. big tech, the leaders are heading to the white house to discuss artificial intelligence. they are expected to commit to safety standards rolled out by the administration. edward lawrence has details in a moment. growing concern senator joe manchin will run as a third-party candidate. my next guest says manchin and the no labels movements are disaster for biden and the democrats. the executive editor of the common sense society joins me next.
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stuart: check the markets, the nasdaq composite turning south. it opened with a sharp gain. it is down 12 points. big tech on the screen, they are all down this morning. it took a big hit yesterday, another hit this morning. apple, microsoft, amazon, meta on the downside, not by much but they were down. tech executive to the white house to talk ai. edward lawrence, what will come out of this? >> reporter: self-regulation, seven companies deeply involved in creating artificial intelligence agreed to self regulate advancements, talking about companies like amazon and meta-which owns facebook, google, microsoft, open ai and inflection, it agreed to add watermarks on anything generated by artificial intelligence.
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those watermarks identify video or audio so consumers won't be fooled of companies agree to external testing by experts in specific fields where ai is rolled out. with result that its made public increasing investment in cybersecurity and prioritizing research on risks to society by ai, by ascenders, nation. republicans concerned the technology has issues with social media. >> if they are not grass pick basic concepts when you talk about ai, how do we go about asked educating our colleagues and the american public on ai? >> some companies have fallen short on self policing social media sites. white house official telling me the biden administration will trust but verify and add the involuntary action, rolling out
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government guidelines, no timetable for when guidelines will be rolled out protect executives doing ai but we are told it's one of the top priorities. stuart: there is a growing alliance between big tech and top politicians. brian: they are spending a lot of time, i don't like it at all. the guys in dc don't get ai but they get money and they get power and they look at these guys and they say how could we enlist them, that is what is happening. sam altman at the dc had dinner with 60 different politicians but what are they thinking in that room? this is the guy who will help bankroll my reelection if i am sweet to him. i'm not even against that in principle but i'm against, this is about money and power.
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it is not about congress getting ai. stuart: original thinking. brian: we are trying hard. i've got a headline for you. joe manchin, no labels, a looming disaster for biden and democrats. chris bedford wrote that and joins me now. why is our third-party candidacy a looming disaster? >> it's only a looming disaster if it ends up being joe manchin. people like john and, joe lieberman but none of them pose a threat like joe manchin does. he is a lone warrior of the democratic party, often lumped in with kirsten sinema and others because he bucks the liberal vote in dc but he comes from a different strain, more traditional working class strain of the democratic party,
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pro energy, patriotic, one that is left behind in washington dc. the question, he will lose the first time to the popular governor of west virginia, does he want to go comfortably away and take over a college in west virginia and spent his last couple years or this anger at the democratic party which is constantly attacked him and demeaned his supporters and constituents enough that he's willing to correct the course by running a third-party candidate. stuart: 47% of voters would consider voting for a third-party candidate next year. i'm a little suspicious of that if they did get on the ballot with 1/3 party. would they really get nearly half the votes? i don't see that. >> i don't see that either. americans like to think of ourselves as independent thinkers who always vote for a third-party to we talk about that plenty of times but at the end of the time, people go with what they are comfortable with.
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we've become very tribal lysed whether you are republican or democrat. third-party candidate can make a difference, you had pat buchanan who didn't change the election but put an idea in american politics that came to fruition with donald trump, ross perot, a lot of americans wish they had voted for him. joe manchin is only in it to run the fees going a fees going to win. i don't see him winning and being president of the united states. they may be sick of a rematch, something they could do. i see that impacting president biden more. stuart: have you thought of joe manchin running as a republican in the west virginia senate race? >> even with that, joe manchin brought back the money, the goods to the people of west virginia. estate that is pretty underrepresented. something people want to ignore. that has contributed to how
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long he has been there senator but there's been declining willingness to tolerate how in the end he often goes to the democratic party line, west virginia is getting less liberal. with the popular governor like jim justice, got to unlock. stuart: thanks very much for joining us. i'm sure we will see you again before the election, the third-party thing is not going away. what do you think about manchin? brian: he wants to be in office, a moment to do what it takes to stay in office. he will choose to fight what gives him the best chance to be in office. he is more of a spoiler for biden if he runs as a third-party candidate but in theory about switching parties in west virginia shaking it up and reinventing himself so to speak, he's very willing to do that. he hurt himself with the inflation reduction act. stuart: he didn't get the pipeline.
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>> he didn't get the pipeline he promised. stuart: he's enjoying sticking it to the democrats. >> if i were him, everything he's been through with his colleagues i would enjoy that. stuart: country music star jason aldean anchored activist with his anti-crime song but what to his fans in the music industry think? we got reaction from nashville. last our, we spoke to a plastic surgeon who said he can turn anyone into a real life bar the. it will cost you an arm and a leg. kennedy takes on the barbie craze next. ♪
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experience, you get picked up in a pink corvette and we will get you as close as we can to your barbie of your dreams. stuart: that was the plastic surgeon from long island offering to transform patients into real-life barbies, price of $120,000. kennedy is watching this and joins me now. you are looking pensive. what you think? >> i think it's really sad, this guy is just in it for a profit and we've seen people try to look like barbie and ken, i don't have to draw a picture. but if you are making good someone look like that barbie doll with those proportions you have to break femurs, barbie is 6 foot 7 and you would have to mutilate -- look at the
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proportions if we are going by ratios. stuart: people want this product or this service and are willing to pay $120,000. >> they have body dysmorphic disorder, need psychological treatment and they should give their money to be because i would do better with it. i would spend on things that i enjoy which i think would make the world a better place. absolutely right. how about maclaren? how about lotus? stuart: that is what people want. to change the shape or the look. >> they are mutilating themselves. we were not asking for a handout from the government. >> some kids want gender reassignment surgery. we one the doctor said -- >> i'm getting real here. stuart: he can make me look like can. >> that is a lie. stuart: excuse me? >> he has a lot of potential.
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stuart: thank you very much. >> maybe can griffey junior. stuart: what your basic point? you don't like plastic surgery? >> plastic surgery works best in moderation, a little here and a little there. going under if the knife are having multiple procedures. it is a lot of face stuff, a lot of other stuff. you are putting yourself at risk, mutilating your body for an ideal that will never be as hannibal. it is a form of relation and he's taking advantage of people with psychological disorders. if you want to give someone a little -- that's great. they feel better about themselves, their lives will be better. if you want to alter the way someone looks to look like a piece of plastic that is morally wrong. should be illegal? no. they are engaging in a
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contract. it is a dom contract and i get to use my first amendment right to call it out but -- stuart: that was a good response, comprehensive response. listen to how fans outside jason aldean, reacted to the backlash of his small-town music video. >> absolutely overblown. he's just saying small-town values, we are going to take care of each other. >> a bunch of sissies making a big deal out of -- it is free-speech first of all. i don't think is a racial thing at all. >> i didn't think there is anything wrong with his song. i thought it was a beautiful song. they can take it the way they want. >> either it is freedom of speech or it is not. we don't get it both ways. we want trying to figure out how kennedy is going to respond, she's been mute so far. >> my family is from southern indiana. my dad went to the same high
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school as john mellencamp and in the 80s, small-town came up, john mellencamp's song which i was in that small town, everyone connected to with it. everyone from the small town across the country connected with that and made them feel good, proud of being from a place where people protect each other. we are in such a different place that the same sentiment is if you come take our stuff, we will come at you. it won't be pretty. stuart: the big picture, huge divide emerging between rural america and city america, it is huge. >> you are absolutely right. very few rational big cities left and the people who go to big cities go by themselves. they don't have family units or communities or cousins. they don't have people who have their back, that's the difference, so much self protectiveness because it is
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all about self individual which i love individual rights but when you go to a smaller community you have generations who will look out for you, neighbors who will look out for you. that's not a bad thing and i don't think we want to get into a place in society, parsing lyrics of different music and attacking each other. stuart: we don't have you on the show often. i will pack as much in as i can. a new poll shows two in five young adults believe marriage is an outdated tradition. majority thinks marriage, they don't think marriage is needed to have a fulfilling or committed relationship. i know what you're going to say. >> people not want fulfilling and committed relationships. a lot of dating apps have given people the idea that it is better to have a proliferation of choices and an exit strategy and always keep an eye on the door which is sad to me.
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i tend to be more of a traditionalist. i hope we get back to the place where people do want to couple up like crs. they are monogamous, they can be feisty, don't get me wrong. stuart: brought brought in crs into the discussion? you are off the wall. got anything to say? brian: marriage is the best thing that ever happened to me, 23 years of marriage. stuart: she is watching. brian: i hope she cooks a big meal for dinner tonight. stuart: anything to finalize? >> some cities where fewer people are getting married, places like seattle and spokane where it is rainy and depressing but in the midwest, milwaukee, madison, wisconsin, they are coupling up. looking for love in all the wrong places, move to the metal of the country. stuart: that is it. five brilliant minutes and
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thank you very much indeed. we better change the subject and i will. cnbc is getting heat for their report on the top states for business. red states like florida and texas are the worst for to deliver work. ashley will explain in a minute. police in illinois bracing for a crime spike after the state supreme court illuminated cash bail. the sheriff in franklin county, illinois is next. this is american infrastructure, a prime target for cyberattacks. but the same ai-powered security
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stuart: a report from cnbc claims red states like florida and texas are among the worst states in the country in which to live and work. aren't more people moving to those states than anywhere else? ashley: you are right. cnbc's annual ranking seems to contradict everything we have witnessed over the last couple years. the rankings rate texas as the worst state for work and
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quality-of-life saying the state has some texas sized issues when it comes to life, health, and inclusion. oklahoma, louisiana, south carolina, missouri, indiana, tennessee follow texas with florida surprisingly coming in at number 10 on the worst list, which is one of the most difficult states to vote in and says when you rate the sunshine state on life, health, and inclusion, it can be a dreary place. florida's chamber of commerce begs to differ. >> of florida was a stock most people would be buying it. of florida but the country, florida would be the 16th largest gdp in the world. $1.4 trillion gdp. florida is growing significantly faster than national gdp. ashley: that's true and so is texas. the survey based on
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quality-of-life factors from crime rates, environmental quality, healthcare, to abortion and attitudes towards the lgbt q plus community, we reached out to texas governor greg abbott's office to respond to the ranking and got the statement saying, quote, people and businesses vote with their feet and continually they are choosing to move to texas more than any state in the country. texas is the economic engine of the nation, leading the nation in job creation with more texans working today than 46 other states. the numbers back up the argument. according to the u.s. postal service, the states gaining the number of fire of new residents, texas, florida, south carolina, north carolina and georgia. there is a trend. texas is home to the most fortune 500 corporate headquarters and as we know florida's economy outpacing the country. the survey claims those states not very welcoming to workers
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and their families even though both states have no state income tax which i say is pretty well coming. stuart: i'm happy to see our competition thinks florida is doll and dreary. ashley: obviously haven't been here. stuart: law enforcement in illinois facing the crime surge after the state supreme court illuminated cash bail. kyle bacon, the sheriff or franklin county, joined me now. what does this look like. the immediate release of criminals. is that what it looks like? >> i wouldn't go so far as to say that. it is a whole file -- a wholesale change. we are concerned, as well as 100 prosecutors, 95 sheriff's out of 102, serious concerns for difference.
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stuart: you arrest somebody and don't know whether they are going to be in custody are released immediately, you don't know. >> my concern has never been the elimination of cash bail. i understand the issues with that. we have two people charged, one of them is a millionaire, another had the money. one walks out. the other remained in jail. what does that have to do with public safety. i am concerned the people that need to be detained in jail will not fall in the detention that set up in this legislation. stuart: where is this coming from, the governor of illinois a multibillionaire, what is it like on the streets?
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>> the county and people we serve them 300 miles out, we are a rural community when crime occurs here. i am concerned the folks will release from the safety act that will reoffend quickly. stuart: thank you very much, appreciate it. thank you for being with us. some highly original and contentious points. brian: i brand that. stuart: we watch you on "the big money show" at 1:00 pm eastern weekdays on fox business at 1:00 p.m. . the lead, utah congressman burgess owen is against reparations. john duffy on the white house
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defending biden's constant mumbling. steve hilton on biden's claim that the green agenda will bring millions of jobs. the 11:00 hour is next. ♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. your wyndham is waiting. whether it's for the bucket lists... the free breakfasts and wifi...
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